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InspireMD Reports Results for Period Ended Dec. 31, 2012
Date:2/4/2013

e $500,000 in revenue recorded in the quarter ended Sept. 30, 2012. As previously noted, the prior quarter was negatively affected by stocking and selling disruptions caused by a realignment of the Company's distributors in advance of the presentation of the MASTER trial at the TCT.

- Gross profit for the Dec. 31, 2012 period was $803,000, compared to $621,000 for the Dec. 31, 2011 period, up nearly 30% owing to higher revenue and lower production costs.

- Total operating expenses for the Dec. 31, 2012 period were $5.2 million, compared to $8.9 million in the Dec. 31, 2011 period, a decrease of $3.7 million. The decrease was attributable to a $5.6 million decrease in G&A expenses (mainly due to timing of the recording of share-based compensation related to board members) in the Dec. 31, 2012 period. This decrease was offset by a $0.9 million one-time royalties buyout expense, an increase in sales and marketing activities of $0.6 million (primarily related to the TCT meeting and subsequent launch of MGuard EPS), and an increase of $0.4 million in R&D expenses (mainly to support clinical trials).

- The loss from operations for the Dec. 31, 2012 period was ($4.4 million), compared to ($8.2 million) for the Dec. 31, 2011 period.

- Net income of $3.6 million related to the revaluation of contingently redeemable warrants, less financial and tax expenses of $1.1 million, brought final net income for the Dec. 31, 2012 period to ($1.9 million), or ($0.11) per basic and diluted share, compared to a final net income of ($8.2 million), or ($0.49) per basic and diluted share for the Dec. 31, 2011 period. The weighted average number of shares of common stock used in computing net loss per share (basic and diluted) was 17.7 million for the quarter just ended, and 16.7 million for the prior year's quarter.

- At Dec. 31, 2012, cash and cash equivalents stood at approximately $5.4 million, compared to $10.3 million at June 30, 2012.

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SOURCE InspireMD, Inc.
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